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Oil companies are planning to increase the price of the petrol by Rs 7.5 after hearing from the oil secretary. As per the report, oil secretary asked retailers to raise the petrol prices by Rs 7.5 to compensate the losses which is occuring now. currently these oil companies are losing Rs 6.43/ litre. Oil secretary GC Chaturvedi added that the ministry has asked for additional Rs 40,000 crore cash subsidy for FY12.
"The total under-recovery, as I had indicated several times, is approximately Rs 1,40,000 crore. The finance ministry has agreed, for first three quarters, Rs 45,000 crore. Few companies have already contributed around Rs 5,300 crore. The remaining under-recovery is our request to the FinMin be given for the fourth quarter," Chaturvedi told press.